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Demand reform of the timeshare industry’s unfair and deceptive practices

HitchHiker71

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National Harbor Resale (689k)

cbyrne1174

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100% resale!!
If they actually passed a bill like that it would make resale less of a good value. The reason resale is such a good deal is because of the number of people that are mislead and fail to do research before purchasing, then become bitter and dump their ownership. Without high pressure sales, I wouldn't be able to vacation so frequently for so cheap. I never thought I could afford such a lifestyle. I know that my ownership retails for about $100,000 and I only paid $1,000 for it. The WorldMark ownership that I plan to buy for about $2,500 retails for about $50,000. That's a savings of $146,500 where someone else fronted the cost.

I know that sounds selfish, but it pays to frugal. There are more things than your income that determines your lifestyle. For example, I shop at 3 grocery stores when I get groceries: Winn Dixie and Publix for their BOGOs and everything I can't get BOGO, I go to Walmart. That alone saves me about $2,500 a year. I Also get myself and my daughter's clothes at Goodwill. I always buy her winter stuff in the summer and her summer stuff in the winter and will buy clothes up to 2 years in advance. Every dress she has is name brand and costed me $3, shirts pants and shorts costed me $2 each. I buy her Christmas presents from October to Black Friday, second hand if I can. If you want to have a reliable car your entire life, the cheapest way to do that is to buy a 2 year old certified used car and trade it in a 6 years for another 2 year old car. My good habits passively save me about $10,000 a year compared to someone without them. Honestly, IMO its the buyer's fault for not having good habits.
 

dgalati

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If they actually passed a bill like that it would make resale less of a good value. The reason resale is such a good deal is because of the number of people that are mislead and fail to do research before purchasing, then become bitter and dump their ownership. Without high pressure sales, I wouldn't be able to vacation so frequently for so cheap. I never thought I could afford such a lifestyle. I know that my ownership retails for about $100,000 and I only paid $1,000 for it. The WorldMark ownership that I plan to buy for about $2,500 retails for about $50,000. That's a savings of $146,500 where someone else fronted the cost.

I know that sounds selfish, but it pays to frugal. There are more things than your income that determines your lifestyle. For example, I shop at 3 grocery stores when I get groceries: Winn Dixie and Publix for their BOGOs and everything I can't get BOGO, I go to Walmart. That alone saves me about $2,500 a year. I Also get myself and my daughter's clothes at Goodwill. I always buy her winter stuff in the summer and her summer stuff in the winter and will buy clothes up to 2 years in advance. Every dress she has is name brand and costed me $3, shirts pants and shorts costed me $2 each. I buy her Christmas presents from October to Black Friday, second hand if I can. If you want to have a reliable car your entire life, the cheapest way to do that is to buy a 2 year old certified used car and trade it in a 6 years for another 2 year old car. My good habits passively save me about $10,000 a year compared to someone without them. Honestly, IMO its the buyer's fault for not having good habits.
Now that's what I call being smart!! Nice work. Sounds very practical to me and about the same as my personal buying habits. CPO used cars also gives you a 100,000/ 7 year power train warranty. I can afford to buy about anything I want or desire but still buy the Used car over new.. Nothing better then Free or buying at a 95% discount. I have found a way to travel for almost nothing but after factoring in the $ from attending presentations it brings my cost to a cash positive.
 

Richelle

TUG Review Crew
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Williamsburg Plantation
If they actually passed a bill like that it would make resale less of a good value. The reason resale is such a good deal is because of the number of people that are mislead and fail to do research before purchasing, then become bitter and dump their ownership. Without high pressure sales, I wouldn't be able to vacation so frequently for so cheap. I never thought I could afford such a lifestyle. I know that my ownership retails for about $100,000 and I only paid $1,000 for it. The WorldMark ownership that I plan to buy for about $2,500 retails for about $50,000. That's a savings of $146,500 where someone else fronted the cost.

I know that sounds selfish, but it pays to frugal. There are more things than your income that determines your lifestyle. For example, I shop at 3 grocery stores when I get groceries: Winn Dixie and Publix for their BOGOs and everything I can't get BOGO, I go to Walmart. That alone saves me about $2,500 a year. I Also get myself and my daughter's clothes at Goodwill. I always buy her winter stuff in the summer and her summer stuff in the winter and will buy clothes up to 2 years in advance. Every dress she has is name brand and costed me $3, shirts pants and shorts costed me $2 each. I buy her Christmas presents from October to Black Friday, second hand if I can. If you want to have a reliable car your entire life, the cheapest way to do that is to buy a 2 year old certified used car and trade it in a 6 years for another 2 year old car. My good habits passively save me about $10,000 a year compared to someone without them. Honestly, IMO its the buyer's fault for not having good habits.

It likely would have an effect on the resale market, but I am not sure it will be as much as you think. There are a million other reasons why people might be dumping their contracts. Maybe their income has been reduced because of job loss, or change. Maybe married owners got divorced and neither want it or could afford it, on their own. Maybe their health doesn't allow for them to travel as much. Maybe they want to reduce their portfolio because they no longer need as many points. There will still be free and cheap contracts. Maybe the cost of resale on eBay will go up 20%. 20% of 1,000 is $200. Still a lot cheaper than retail. The only way resale prices would get as high, or close to retail, is if Wyndham had and exercised ROFR. They don't on any contract I've seen or heard of, with the exception of Presidential reserve points. There will still be people who buy retail because they didn't learn about eBay.

I do agree the people need to take responsibility for their own actions. Their financial security is their responsibility, and we are not required to protect them from themselves. Still, that does not mean we should let the salespeople lie and even break the law. The bill of rights they described doesn't just help the owner. It makes it a lot more difficult for the salespeople to lie, cheat, and break the law. That's what really should be stopped.
 

cbyrne1174

TUG Member
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Location
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Resorts Owned
Club Wyndham, Marriott, DVC
100% resale!!
Now that's what I call being smart!! Nice work. Sounds very practical to me and about the same as my personal buying habits. CPO used cars also gives you a 100,000/ 7 year power train warranty. I can afford to buy about anything I want or desire but still buy the Used car over new.. Nothing better then Free or buying at a 95% discount. I have found a way to travel for almost nothing but after factoring in the $ from attending presentations it brings my cost to a cash positive.

Me too. I rent out 14 days using 224,000 points and make back at least $2600. I only will rent out 14 days because you're supposed to report anything more than that to the IRS. My annual dues are $2710 and I attend a few presentations a year as well. I personally have 273,000 points and 343 housekeeping credits to work with every year with rentals covering my maintenance. I researched the product for 3 months before I signed anything. I agree they shouldn't legally be able to verbally lie. I noticed most salesmen tell half truths instead. However, people need to take more responsibility for their actions.

I was lucky/unlucky in my early to mid 20s where my husband kept losing his job from company buyouts and contracting (6 times in 5 years). The IT industry changed a lot at that time where medium sized companies couldn't compete with large companies, and the larger companies would buy out the smaller ones and lay off their workers. Also larger companies started to outsource their IT staff to contractors so they only had to pay them for when they needed them. He had to change his specialization and study to be a Sys Admin while we learned how to live off of a teacher's salary. In the long run it forced me to always be prepared for the worst. When I return to work in the next few weeks when we move back to Tampa, we're going to be making six figures a year, yet I'm still going to keep the mentality that we only have $40,000 a year to work with. Goodwill is the sh*t.
 

Richelle

TUG Review Crew
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Bay Club of Sandestin
Williamsburg Plantation
Me too. I rent out 14 days using 224,000 points and make back at least $2600. I only will rent out 14 days because you're supposed to report anything more than that to the IRS. My annual dues are $2710 and I attend a few presentations a year as well. I personally have 273,000 points and 343 housekeeping credits to work with every year with rentals covering my maintenance. I researched the product for 3 months before I signed anything. I agree they shouldn't legally be able to verbally lie. I noticed most salesmen tell half truths instead. However, people need to take more responsibility for their actions.

I was lucky/unlucky in my early to mid 20s where my husband kept losing his job from company buyouts and contracting (6 times in 5 years). The IT industry changed a lot at that time where medium sized companies couldn't compete with large companies, and the larger companies would buy out the smaller ones and lay off their workers. Also larger companies started to outsource their IT staff to contractors so they only had to pay them for when they needed them. He had to change his specialization and study to be a Sys Admin while we learned how to live off of a teacher's salary. In the long run it forced me to always be prepared for the worst. When I return to work in the next few weeks when we move back to Tampa, we're going to be making six figures a year, yet I'm still going to keep the mentality that we only have $40,000 a year to work with. Goodwill is the sh*t.

I've gotten some designer purses (confirmed legit and not knock off) from Goodwill, and clothes that look brand new. I've also have gotten many $3 tee, brand new from Kohls. Clearance section with 30% off with my Kohls card. I refuse to pay retail for anything. I will go as far as to find discounted gift cards using Gift Card Granny and buying products with those. 10% off a gift card is 10% off anything I buy with that gift card. We bought Carnival gift cards from AARP at 10% off. Beverages, tips, gratuities, internet, and anything else bought with those cards was 10% off. I cashed them out at the casino because I didn't use it all. 10% of what I got back was free money.
 

TUGBrian

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the "coalition to reform timeshares" behind that petition is headed up by the owner of Timeshare Exit Team....just an fyi
 

Richelle

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the "coalition to reform timeshares" behind that petition is headed up by the owner of Timeshare Exit Team....just an fyi

It's not that I don't believe you, but can you tell me how you came to that conclusion?
 

dgalati

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the "coalition to reform timeshares" behind that petition is headed up by the owner of Timeshare Exit Team....just an fyi
Hmmm interesting marketing concept.
 

Richelle

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Williamsburg Plantation
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